Price to Earnings (P/E)
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- Income Statement
- Statement of Comprehensive Income
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Aggregate Accruals
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Calculation
Merck & Co. Inc., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income available to common shareholders1 (in millions) | ÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 25, 2025 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2024 | = | ÷ | = | ÷ | |||||||
| Feb 24, 2023 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2022 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2021 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2020 | = | ÷ | = | ÷ | |||||||
| Feb 27, 2019 | = | ÷ | = | ÷ | |||||||
| Feb 27, 2018 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2017 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2016 | = | ÷ | = | ÷ | |||||||
| Feb 27, 2015 | = | ÷ | = | ÷ | |||||||
| Feb 27, 2014 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2013 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2012 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2011 | = | ÷ | = | ÷ | |||||||
| Mar 1, 2010 | = | ÷ | = | ÷ | |||||||
| Feb 27, 2009 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2008 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2007 | = | ÷ | = | ÷ | |||||||
| Mar 13, 2006 | = | ÷ | = | ÷ |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Merck & Co. Inc. Annual Report.
- Share Price
- The share price experienced fluctuations over the period under review. Starting at 35.2 US$ in 2006, it rose steadily to reach a peak of 58.54 US$ by 2015. Following a slight decline to 50.64 US$ in 2016, the price surged to 80.62 US$ in 2019, with a notable peak at 109.89 US$ in 2023. A drop followed in 2025 to 91.43 US$, indicating cyclical variability but an overall upward trajectory.
- Earnings per Share (EPS)
- EPS displayed significant variability without a clear increasing or decreasing trend. EPS started at 2.12 US$ in 2006, decreased to 1.51 US$ by 2008, then spiked to 4.14 US$ in 2010. After a sharp fall to 0.28 US$ in 2011, EPS rebounded and fluctuated between 0.89 and 5.72 US$ in subsequent years. The year 2024 shows a sharp decline to 0.14 US$, followed by a notable recovery to 6.78 US$ in 2025.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio showed pronounced volatility throughout the examined timeframe, reflecting inconsistent earnings performance relative to share price. It varied from a low of 6.53 in 2009 to an extreme high of 116.63 in 2011, likely due to the sharp EPS decline that year. Subsequent years saw fluctuating ratios, with another notable peak of 893.99 in 2024, associated with the very low EPS in that year. The ratio normalized to 13.49 by 2025, consistent with recovery in earnings per share.
- Overall Observations
- The financial metrics reveal a complex relationship between share price, earnings, and valuation multiples over time. The share price generally trended upward despite volatility in earnings, reflecting possibly investor confidence or external market factors. The erratic EPS and P/E ratios suggest earnings instability, with some years exhibiting unusually low profits that significantly impacted valuation ratios. The sharp P/E spikes correspond to years with depressed EPS, indicating high valuation sensitivity. The notable EPS recovery in the final period under review aligns with a more normalized P/E ratio, suggesting improved earnings stability and market valuation.
Comparison to Competitors
Merck & Co. Inc., P/E, long-term trends, comparison to competitors
| Merck & Co. Inc. | AbbVie Inc. | Amgen Inc. | Bristol-Myers Squibb Co. | Danaher Corp. | Eli Lilly & Co. | Gilead Sciences Inc. | Johnson & Johnson | Pfizer Inc. | Regeneron Pharmaceuticals Inc. | Thermo Fisher Scientific Inc. | Vertex Pharmaceuticals Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 25, 2025 | ||||||||||||
| Feb 26, 2024 | ||||||||||||
| Feb 24, 2023 | ||||||||||||
| Feb 25, 2022 | ||||||||||||
| Feb 25, 2021 | ||||||||||||
| Feb 26, 2020 | ||||||||||||
| Feb 27, 2019 | ||||||||||||
| Feb 27, 2018 | ||||||||||||
| Feb 28, 2017 | ||||||||||||
| Feb 26, 2016 | ||||||||||||
| Feb 27, 2015 | ||||||||||||
| Feb 27, 2014 | ||||||||||||
| Feb 28, 2013 | ||||||||||||
| Feb 28, 2012 | ||||||||||||
| Feb 28, 2011 | ||||||||||||
| Mar 1, 2010 | ||||||||||||
| Feb 27, 2009 | ||||||||||||
| Feb 28, 2008 | ||||||||||||
| Feb 28, 2007 | ||||||||||||
| Mar 13, 2006 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Pharmaceuticals, Biotechnology & Life Sciences)
Merck & Co. Inc., P/E, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| Merck & Co. Inc. | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Feb 25, 2025 | ||
| Feb 26, 2024 | ||
| Feb 24, 2023 | ||
| Feb 25, 2022 | ||
| Feb 25, 2021 | ||
| Feb 26, 2020 | ||
| Feb 27, 2019 | ||
| Feb 27, 2018 | ||
| Feb 28, 2017 | ||
| Feb 26, 2016 | ||
| Feb 27, 2015 | ||
| Feb 27, 2014 | ||
| Feb 28, 2013 | ||
| Feb 28, 2012 | ||
| Feb 28, 2011 | ||
| Mar 1, 2010 | ||
| Feb 27, 2009 | ||
| Feb 28, 2008 | ||
| Feb 28, 2007 | ||
| Mar 13, 2006 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Health Care)
Merck & Co. Inc., P/E, long-term trends, comparison to industry (health care)
| Merck & Co. Inc. | Health Care | |
|---|---|---|
| Feb 25, 2025 | ||
| Feb 26, 2024 | ||
| Feb 24, 2023 | ||
| Feb 25, 2022 | ||
| Feb 25, 2021 | ||
| Feb 26, 2020 | ||
| Feb 27, 2019 | ||
| Feb 27, 2018 | ||
| Feb 28, 2017 | ||
| Feb 26, 2016 | ||
| Feb 27, 2015 | ||
| Feb 27, 2014 | ||
| Feb 28, 2013 | ||
| Feb 28, 2012 | ||
| Feb 28, 2011 | ||
| Mar 1, 2010 | ||
| Feb 27, 2009 | ||
| Feb 28, 2008 | ||
| Feb 28, 2007 | ||
| Mar 13, 2006 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).